21 January 2019

Sino-Ocean lands 3 Beijing sites for 7.31 bln yuan, paper says

Sino-Ocean Land Holdings Ltd. (03377.HK) secured three sites in Beijing at auction for a combined 7.31 billion yuan (US$1.21 billion) in the eight days to January 16, nearly four years after its last land purchase in the city, National Business Daily reported Tuesday, citing bidding results. An unnamed person close to the company said the move showed major developers are refocusing on first and second-tier cities, adding that Sino-Ocean is aiming for 10 billion yuan in real estate sales in Beijing this year. The company’s major shareholder, China Life Insurance Co. Ltd. (02628.HK, 601628.CN), increased its stake in the developer to 29.04 percent in November, giving a big boost to Sino-Ocean’s financial strength, the report said.

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